On Friday May 28th, Applied Materials (NASDAQ:AMAT) issued an update on its third quarter 2023 earnings guidance. Despite exceeding earnings per share (EPS) predictions, the company fell short of consensus estimates regarding revenue. The company provided EPS guidance of $1.56-$1.92 for the period, compared to the consensus estimate of $1.65. However, it issued revenue guidance of $5.75 billion-$6.55 billion compared to a consensus revenue estimate of $6.02 billion.
NASDAQ:AMAT opened at $131.50 on Friday, with its 50 day moving average price at $117.62 and its prized 200-day moving average price at $112.19. The company has a 52 week low of $71.12 and a high of $132.06 and currently maintains a market cap of over $111 billion.
Despite these figures, several research analysts recently weighed in on shares of Applied Materials with B Riley even lifting their price objective from $140 to an impressive target of $150 and gave the technology giant a buy rating in a research note published on February 17th.
In other news, Senior Vice President Teri A Little sold 6,813 shares in the company at an average price ($117.44) for a total transactional value reaching nearly million ($800,118). Meanwhile SVP Omkaram Nalamasu sold off 29,444 shares totaling more than ($3 million) three million dollars.
Applied Materials reported impressive results when it last issued its earnings earlier last month on Thursday May 18th where it exceeded consensus EPS estimates at an incredible two dollars per share compared to expected figures that were ten cents lower coming in only at one dollar and eighty-four cents thanks to additional net margins which rose above twenty-four percent.
With reports indicating growth and increased shareholder value excepted throughout next quarter it seems very likely to that Applied Materials will continue to draw attention from industry experts and individual investors alike, leading to a prosperous future full of great promise.
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Applied Materials: Innovating and Moving Forward with Financial Strength and Sustainability
Applied Materials: A Company on the Move
On May 28, 2023, Applied Materials made headlines when SVP Teri A. Little sold over 6,800 shares of the firm’s stock in a transaction totaling $800,118.72. This move came just weeks after Little sold more than $11 million worth of stock in February.
In addition to this insider trading news, Applied Materials also recently announced an increase in its quarterly dividend from $0.26 to $0.32 per share. This represents a dividend yield of 0.97% and a boost for shareholders in these uncertain times.
But Applied Materials’ news doesn’t stop there.
The manufacturing equipment provider recently authorized a $10 billion buyback program that will allow them to reacquire up to 9.7% of its stock through open market purchases. This move is often seen as a sign that the company believes its stock is undervalued and signifies their intent to return value to shareholders.
Despite these financial maneuvers, Applied Materials remains committed to their core mission of advancing innovation across industries with breakthrough technology solutions in areas such as semiconductors, flat panel displays, and solar photovoltaic cells.
Their dedication to improving the world through technological advancements has earned them accolades and partnerships with some of the biggest names in industry such as Apple, Tesla, and Samsung.
Applied Materials recognizes that their success is intimately linked with the progress of their customers and has stepped up their efforts in recent years to support sustainability initiatives wherever possible. Their technologies have enabled new applications for solar power generation and LED lighting which help reduce carbon emissions while increasing energy efficiency.
All eyes are focused on Applied Materials as they continue to push boundaries with cutting-edge technology solutions while simultaneously maintaining strong financial acumen and returning value to shareholders. It’s clear that applying materials is not only what they do but who they are: a company that leads by example with innovative and forward-looking solutions.
